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Cell Pathways Inc., a Horsham pharmaceutical company, and Tseng Labs Inc. of Norristown signed a definitive agreement to combine operations through a stock deal valued at $177 million. Under the terms of the deal, Tseng stockholders will exchange their stock for about 5.5 million shares of Cell Pathways common stock, which represents a 23 percent equity stake. The union links one company hoping to tap into the investor market to help fund research with another company seeking investment opportunities after selling off its core business. This year, Cell Pathways scrapped plans to go public because of unfavorable market conditions.

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